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Unformatted text preview: SUGGESTED ANSWERS FINAL SAMPLE EXAM 2008 Part A Multiple Choice 1. D 2. B 3. B 4. D 5. C 6. B 7. B 8. D 9. D 10. A 11. C 12. D 13. A 14. C 15. D 16. B 17. A 18. C 19. C 20. B FINAL EXAMINATION MARKING INSTRUCTIONS FOR PARTS B and C Marking directions for each Question are meant as a guide to possible content. As a general principle be flexible in the marking of questions, consider the limited time available and that the answers are written under examination conditions. • Full marks can be awarded even if not all content is covered, as long as answers are reasonably expanded and developed. • Basic point form answers should not receive more than half the possible total. • DO NOT award half marks for any part of the question. 21. Bill is a police officer who sees an advertisement in the local newspaper for a $50,000 reward to be given to any person who has information leading to conviction about a recent $ 2million bank robbery. He claims the reward after doing a police investigation on criminals in the local area who were seen near the scene of the crime. Advise Bill as to whether or not he is entitled to collect the reward based upon the law of contract. (In your answer refer to a decided case) (10 marks) Allocate 7 marks for a discussion as to whether or not there is a valid contract. Students should briefly explain the elements of a valid contract. Bill may not be entitled to claiming the reward because the consideration is insufficient as he is performing an “existing “duty ( ie doing his job as a police officer.) Therefore, even though the other essential elements of a contract (offer and acceptance, ICLR) may be present, there is insufficient consideration. Allocate 3 marks for reference to a decided case such as Stilk v Myrick. 22. a) What are some of the duties of company directors? ( 5 marks) Allocate 5 marks for an explanation of some of the duties o the director such as the fiduciary relationship towards the shareholders, diligence, the business judgement rule, honesty and good faith. Better answers should refer to the judgement rule, honesty and good faith....
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- Three '07